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This is another great Big Mike webinar that's definitely worth reviewing if anyone has an interest in "Floor" Pivots. I confess it's been awhile since I viewed it but Suri reveals tons of statistics on several "Random Lines" I liked it, and I hope he returns to Big Mike's with more.
I use to use a box style support/resistance system, but I switched to a adaptive MA/ATR based support resistance determination system like six months ago and it works the same on any instrument with no tuning required...
My S/R system I used on the ES use to be similar... But based upon using boxes with S/R levels inside them. They had to be manually adjusted for each instrument/conditions. Could never get them to act right on currency pairs with the huge volatility changes.
Er, the MA isn't adaptive. The ATR calculations are what make it adaptive.
I don't use a normal type of moving average either, but it's the same for all periods always.
Been having a great evening... Managed to nail another AUD bottoming area yet again!!! For some reason I have been doing the best on the AUD over the last few days... The GBPUSD has been a pain in the ass... Sticking to the EURUSD once EU opens. Time to watch a movie!
I actually was a little late to get support and bought the dip at median right before the inverse H&S breakout and sold into the spike above resistance. The next move was easy... Always some buyers on the dip after new highs, even if it does or doesn't get all the way back up.
Because I'm in a good mood and feel like showing off... Here is how I do multi-timeframe support/resistance analysis. I use fives, fifteens, and hourly. I don't just use a 5m chart to plan trades. I use the 1m for entry timing, but I don't watch it during the trade. The 1m drives me batty if I look at it too long.
Here is something you can quote me on for my methodology... "The market is always trending and always ranging... It is always a varying degree of both!"
Ok, things were bugging me to no end... So I did some more research and coded a backtesting scan. It looks like most institutional software and serverside pivot calculations for retail software in Forex now follow 00:00GMT with no DST adjustment. Backtesting scan of price reversal reactions to first pivot tests confirms statistical bias toward short term price reversals.
It's official... The big players are all watching GMT pivots.
Now I don't need to think about this anymore. It's solved! I don't trade off pivots... I just like to know when price is testing one as it can unexpectedly shift the momentum a bit.